India: Bajaj Finserv to sell part of its stake in insurance business

India's Bajaj Finserv Ltd. has said that once the Insurance Act is amended, it will offload part of its stake in nonlife and life insurance joint ventures to its foreign partner Allianz S.E., The Times of India reported.

Bajaj Finserv owns 74% of Bajaj Allianz Life Insurance Co. Ltd. and Bajaj Allianz General Insurance Co. Ltd. The government is pushing to increase the amount of foreign ownership local insurers can have to 49%.